Figures for capital markets activity in the first half of this year, unveiled today by Dealogic, masked expectations of a poor second quarter for investment banking revenues with figures showing that overall activity in the six months was buoyant across debt, equities and mergers and acquisitions.

Investment banking revenues showed a strong start to the year, up almost a third from last year's first half and 4% on a strong second half of 2010. Global investment banking revenues, issuance in the equity and debt capital markets and mergers and acquisitions volumes were all up strongly on the first half of 2010, according to Dealogic's mid-year review.